Financial Services Compensation Scheme (FSCS)

The Financial Services Compensation Scheme (FSCS) is known as a ‘fund of final resort’. Created by the Financial Services and Markets Act 2000, it is available for consumers of authorised financial service providers. The scheme will deal with customers’ claims against funds or assets should the company fail e.g. default or stop trading and will award compensation where necessary.

The FSCS is free to use for any customer that needs assistance. Consumer’s money will be protected if it is in a UK bank, building society or credit union up to £85,000. For deposits and savings that are in a joint account, the consumer will be protected up to £170,000.

The FSCS will protect:

• Deposits
• Insurance policies
• Investment business
• Home finance (for those on or after 31st October 2004)
• Insurance brokering (for policies on or after 14th January 2005)
• Travel insurance when the policy is taken out alongside a holiday or travel booking (for policies on or after 1st January 2009)

The main objectives of the FSCS are:

• Aiming to provide a quality compensation scheme that is fair and efficient
• To provide a cost effective and fully accountable compensation service
• Working to recover monies from defaulted firms quickly
• Providing a good working partnership with other regulatory bodies to benefit the UK’s regulatory framework
• Provide regular and easily accessible information to all consumers

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Get FREE PPI Check** Before the PPI Deadline – 29th Aug 2019

If you have been sold PPI without wanting, needing or being informed of it, then you may be entitled to reclaim the money you’ve paid. To find out what PPI you could reclaim, start your FREE* No Obligation PPI Check by completing the form below.

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WHAT HAPPENS NEXT?

1. We call you to start your PPI Check & Complete Forms

For us to proceed with your FREE PPI Check**, we will need to speak with you to confirm some details, including your FULL NAME, DATE OF BIRTH, and ADDRESS DETAILS (CURRENT AND PREVIOUS). We will also discuss which lenders we can investigate for you.

Once we have set up your PPI Check, we will post forms out for you to read, sign and return to us. You can call us on 01925 552 923 if you notice any details need changing.

2. You Sign, Date Documents & FREEPOST Back to Us

Sign and date the forms and return to us in the free post envelope provided – no stamp required!

3. Your PPI Check(s) are Registered with Lender(s)

We register your PPI check with your lender.

On average, a response will be issued within 6 weeks from your PPI information check being sent to your lender, although timeframes vary dependent upon the lender.

4. The Lender(s) Locate & Verify Account Information

If your lender cannot locate you or requires verification in order to release details, we will be in contact to obtain some further details of you in order for us to return them to complete the check.

5. Account(s) & PPI Status Confirmed by Lender(s)

Once you have been located/verified, your lender will return to us with confirmation of all accounts you have held with them for as far back as their records go. They will also confirm the PPI status of each account.

6. PPI Check Outcome(s) & Options Are Discussed With You

If you have not paid PPI, we will contact you to advise you of the same.

If your lender is unable to confirm whether PPI is on a particular account – we will contact you to advise you of your options moving forward on the possibility of presenting your claim for your refund.

If PPI is located on your account – we will again contact you to advise you of your options moving forward on presenting your claim for a refund.

A Special Note For Multiple PPI Checks

If you have multiple checks with us for multiple lenders, the time-frames of responses from lenders may vary, however, we will always ensure that we advise you of which lender correspondence refers to and be available for support and guidance throughout this process on 01925 552 923, should you so require.

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FINANCIAL SERVICES COMPENSATION SCHEME (FSCS) IN THE NEWS

• FOS criticised over DB transfer claim handling - Money Marketing

  18th April 2019
  FOS criticised over DB transfer claim handling  Money MarketingA better way must be found to manage claims against IFAs on defined benefit transfers as the current settlement process is untenable experts say. ...

• FCA ups mortgage adviser fees for 2019/20 - Mortgage Solutions

  17th April 2019
  FCA ups mortgage adviser fees for 2019/20  Mortgage SolutionsIn its CP19/16 paper, the regulator is proposing a four per cent increase to £17.6m this year from £16.9m for firms in the A.18 Home finance providers, advisers ... ...

• Complaint Handling Update - Lexology

  16th April 2019
  Complaint Handling Update  LexologyOn 29 March 2019 the Financial Ombudsman *Service* published its strategic plans for 2019/2020 (the Report). The Report also looks beyond next year and… ...